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#361354 - 05/19/05 05:33 PM HMDA Land Contract
bgehres Offline
100 Club
Joined: Mar 2005
Posts: 126
Would a loan to payoff a land contract be reported as a refinance under HMDA?

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Lending Compliance
#361355 - 05/19/05 06:51 PM Re: HMDA Land Contract
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 47,674
Bloomington, IN
Your option as long as you are consistent.

We report as refis, others report as purchases. Again, the key is being consistent.

BTW, the rescission rules apply to these loans whether you report as a purchase or a refi.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

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#361356 - 05/19/05 07:56 PM Re: HMDA Land Contract
Anonymous
Unregistered

Keep in mind the HMDA defintion of a refinance. A refinancing is a dwelling-secured loan that replaces and satisfies another dwelling-secured loan to the same borrower.If this particular loan does not fall under that definition, it cannot be reported as a refinance.

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